The student debt in the United States alone is in the trillions. According to Forbes and the Federal Reserve Bank of New York, the student loan debt is between 902 billion and 1.2 trillion (How). Since the economy took a plunge in 2008, a big issue is that not enough graduates are able to find job opportunities that can help pay off their debt, and on top of that support themselves independently. “Americans who received bachelor’s degrees in 2008 were roughly twice as likely to be unemployed after a year than were their peers who graduated in 1993 and 2000…(Inside).” The supply and demand of employment is slim and fiercely competitive. Of those that had the opportunity to get a job, 27 percent of them reported that it was unrelated to the degree…
In October of 2013, 65.9 percent of high school graduates enrolled in college compared to the previous year of 66.2 percent (Bureau of Labor Statistics). However, in recent years many high school graduates are finding themselves hesitant on deciding whether or not to pursue higher education. Although this can be due to a variety of reasons, I set out to discover one in particular, the alarming cost of student loan debt. Each year the rise of student loan debt has become an increasing concern for prospective students because of the growing pace of college costs and reliance on loans to finance these costs. As a result, the rate of defaults is also increasing among students due to many loans going unpaid. Although there are various types and…
“The decision to borrow to attend college often amounts to a “financial disaster”. “Most people borrow a reasonable amount of money, they pay it back, and they are better for having gone to college”, says McPherson in the Reading of Robin Wilson. But then Wilson states “Why do some students borrow more than $40,000 for a bachelor’s degree when average borrowing is only half that?” The decisions of borrowing money only end up a financial disaster depending on the college student. If the college student takes a loan and flunks the college course, they will end up taking up another loan for the same course again. Wasting time and making them having to pay more loan money in the…
Student loans have many qualities that Sinclair Davidson (Senior Affairs at the Institute of Public Affairs) States that “Education is often described as being a ‘public good’. Most people interpret that as meaning that education is good for the public which, indeed, it is. Education is one of the better investments individuals will ever make in their lives” (Davidson 39). When it comes to investing your money, investing your money in a student loan is good. When investing in a loan you are investing in a long term education that could eventually lead to a great job in the career you are looking for.…
Student loans become something that students have to worry about for the rest of their lives. Debt will affect a lot of things in their life that college students don’t think about. A lot of students do not realize that they must back the loan plus interest, the interest on some loans can end up being more expensive than the loan itself. After school, they must find a job, pay for living expenses, and pay off their loans. People take on massive amounts of debt and they don’t think of the consequences. They end up with so much debt that it takes them their entire lives to pay off the loans and money they borrowed. Dwyer, et al. writes that taking out loans makes it more likely that a student will complete college, to a point. Students who keep…
From personal experiences, many people can concur that colleges is expensive and even after earning a degree can leave a person in debt for a long period of time. Although, financial aid such as grants, loans and scholarships are given to those; many of which, doesn’t apply to everyone. Most of the time, people with unfortunate backgrounds such as low income students have their community college pay off, but a handful of people don’t…
As a senior in high school you most likely know if you want to go to college. What you don’t know is how much debt you are going to be in years after you graduate from college. Low income students receive some type of aid, but it is not enough. Colleges tell you that they will pay for your education if you…
College is an expensive endeavor that can result in a student falling into student loan…
About half of all students (49%) graduate college with a total debt count of over 30,000 dollars in student loan debt alone. When you add all this debt together, college graduates and students have a total combined debt of approximately 1.2 trillion dollars. With that much money at hand you have to wonder how these students can manage to buy a house, car, or start a family once they have graduated and pursued…
By the time you’re finished with the first four years of college, you’ll probably have around 30,000 dollars in debt. That’s only for a bachelor's degree. Students in medical school usually finish with 180,000 dollars in debt, while law school students have an average of 100,000 dollars of debt. Coupled with their undergraduate debt, and how they’re doing financially, the cost could be sky high in the end. College used to be much more affordable in the past, but by this point, the cost of college has tripled, and students are deciding to skip out on college because they think the cost isn’t worth the reward. The problem is that it is worth it. Only 69% of high school graduates decide to enroll in college. That means 31 students…
With all of the student debt that is accounted for an estimated 87 percent of the $1.3 trillion dollar outstanding student loan balance in the United States comes directly from federal student loans. The average age of a student throughout their collegiate career is between ages 17-25. Majority of the students receiving a secondary education take out some type of student loan during their tenure, but only about forty to forty-five percent of students actually graduate college. Sadly, the likelihood that a student was taught or had been provided any information about the student loan process prior to applying for financial aid in college or a for-profit institution is…
Robin Wilson states that students who get student loans, go to college, and graduate are better off than the ones who don’t go to college at all. Especially the ones who end up with high paying jobs. In her article “A lifetime of Student Debt? Not Likely.” She talks about students who attend college and take out student loans. A great student can be one that ends up in the most debt, and a not so great student could be one that doesn’t have to pay back as much. It all depends on how wise you are with money. Wilson talks about how students take out more than they need, they spend the money on unnecessary things such as clothes or video games, these students will be the ones that will spend the rest of their lives paying back their loans. About eight percent of american students borrow at least double the national average, these students are borrowing more than they need. Some students choose defer their student loan payments, one of the major problems with this is the interest rates will go up, therefore, putting the student farther and farther into debt.…
This year the average college student will graduate with at least $20,000 in student loan debt (College access and success). For years higher education has been worshiped with God like influence as a way to escape poverty and attain a career and live the American life. With the rising college tuitions it has become increasingly harder for the middle class to afford college and reap the benefits. Seven out of ten students, will have a burden over their shoulders for years to come as to how to repay the debt. Debt is no respecter of persons: business owners, single parents, teachers and seniors to this day are still constantly bombarded with debt.…
Very good point, what is realistically feasible and what is actually possible can often be miles away. This situation is a good example of just such a situation. The grandparents are willing and wanting to help but really shouldn’t because they are already financial exhausted. Also for most of grandparents they may feel it is their obligation to help out even at risk of going broke. I don’t know how many times I heard my grandmother say take care of the kids but there is a limit to how much support can and should be given especially for those living on a fix income. It is some hard to fight nature when it comes to nurturing our immediate family members. Nevertheless like you mentioned in your discussion, student loans is one way to go as well.…
Picking a college to attend can be one of the biggest decisions you will ever make. There are some students who could get a full ride, but what about those students who can't receive a privilege such as this. Taking out loans could help out, but once they help out to pay; a question that may come about is, “Are these loans really helpful or is there something you have to give back in return? The answer to this question is “Yes.” Students loans have to be paid back and it may take awhile to pay everything back. It helps students to pay for things within the year, but once they graduate; money for all the loans has to be paid back by a certain time so it don't put you in debt.…